Bankruptcy.

[Captain Kirkk]

Figured I might as well start this thread since this will be imminent.

KD

[timeflies]

can you elaborate? your sources?

Transat has a deal on the table from PKP that will likely save them.

[Yycjetdriver]

can you elaborate? your sources?

Transat has a deal on the table from PKP that will likely save them.

Wasn’t the deal from PKP for 5$ a share within 24 hours of cancellation of the Air Canada deal. Given the fact it’s been several days and a deal with PKP has not been announced, perhaps that offer has been revoked.

[timeflies]

can you elaborate? your sources?

Transat has a deal on the table from PKP that will likely save them.

Wasn’t the deal from PKP for 5$ a share within 24 hours of cancellation of the Air Canada deal. Given the fact it’s been several days and a deal with PKP has not been announced, perhaps that offer has been revoked.

Nope. PKP's offer is definitely still on the table. and AT are considering it. most of the news about it are in french but here is an article in english:

https://thestarphoenix.com/pmn/business ... -available

[fish4life]

CCAA or bankruptcy ? They are different

[Curiousflyer]

Reuters article out today saying they'd need financing by the end of April or renegotiate their debt. The deal with PKP did not come with enough financing to deal with TRZ debt obligations and hinges on provincial or federal dollars to service debt payments. Even if the $5 share price goes through then shareholders get bought out and yet the corporation still is unable to service debt payments June 30th. It's up to the government now.

[dissent]

.

[Sharklasers]

Captain Kirk (aka Keith Demello) you can go $#%& yourself!!!!! .

Some asshole is posting pretending to be Keith, that user name has 2 K’s. Keith didn’t start this thread.
Transat will likely go bankrupt and restructure but they will still be around and eventually all their pilots will have their jobs back. AC went through it and came out stronger and more nimble than ever.
Transat will need the right people in place to see them through to the other side.
Calin Rovenescue is working for Brookfield now leading their aviation investment business and it wouldn’t shock me at all to see them enter the ring once Transat is available for pennies on the dollar.
Good time are ahead for Transat gentleman, they just have to see it through.

[haironfire]

Let’s all reflect on the username that started this post.

I had a good laugh at this one. Thank you.

I will be honest when I say I have stirred the pot in the past just to see the discussion points with smart people that results in the disscussion. No foul there, in my opinion. (Is this not what this forum is about?)

I think the initial comment was to induce discussion? There is a lot of very smart business-minded pilots out there, and this guy was just trying to get the voices shaken out of the cobwebs. Personally, I like a little bit of turmoil while talking amongst friends. I have used it on ex-wives, and lost, so dump the snarky, tricky, well-dressed with big shoes, holier-than-thou attitude, with a Hollywood body and a Nashville voice. Somehow there is salary loss in the end WITH SUPPORT PAYMENTS?

Back to the topic, Bankruptcy. This topic really is a good discussion point though, in my opinion? Something to think about. Far fetched, but let's have a run at it?

How is this going to play out? For the pilots involved, of course they are very concerned, but ALL PILOTS in Canada should be concerned as well and focused. In one way or another it will affect us.

Bankruptcy maybe not so quick? Air transat business plan modifications due to new contracts and business model are very probable? Either forced by Fed Loan Requiments, and Quebec Loan Requirements. Then how is Peladeau going to play this into the new game?

I am not one to focus on doom and gloom, but where is the forecast? How do we make this work? I am very sure many high end people could use some inputs from us pilots in the know, because we have opinons. A lot of good ideas out here.

Please, expand........

[SeaBat]

Aviation is dead in Canada for the next few years. Who in their right mind is going to step up and buy a company that has no hope of revenue for the foreseeable future?

[simply_no_one]

Aviation is dead in Canada for the next few years. Who in their right mind is going to step up and buy a company that has no hope of revenue for the foreseeable future?

Well the government did buy a 4.5 billion dollar pipeline....

[Stu Pidasso]

Aviation is dead in Canada for the next few years. Who in their right mind is going to step up and buy a company that has no hope of revenue for the foreseeable future?

Aviation is booming in the US and Europe, only country in the tank is the Peoples Republic of Canada. Transat will be saved by the Keebec government, paid from Equalization Payments from Alberta.

You just can't make this sh*t up.

[ayseven]

https://news.sky.com/story/covid-19-avi ... d-12213586

So this is no longer an issue, you are saying. The problem has been world wide, in case you missed it.

[altiplano]

You're dredging up 2 month old stories.

How about a story from today.

.Boris Johnson to announce relaunching of international travel:

https://www.telegraph.co.uk/global-heal ... oday-test/

[altiplano]

How about what traffic looks like.

Notice there's almost nothing over Canada.

16C37C6E-0B67-41D7-8952-D3A8F7BD9F8B.png (176.71 KiB) Viewed 5488 times

6B817EA6-0D8F-40F4-8DFE-DA27ACD49D2B.png (159.16 KiB) Viewed 5488 times

[altiplano]

And sorry about the hijack on this thread. That said I think it's ridiculous and inflammatory to bring it up, unless you want to talk about the bankruptcy of the entire sector in this country. A very real possibility based on the trajectory we are on.

[Latitude]

ZzzzzZZzzZ another stupid thread in this forum

[haironfire]

How about this idea? ONEX Swoops in and buys AT at a firesale price. This could expand Westjet's European route structure and add to Westjet Vacations.

Both WJ and AT pilots are ALPA.

Just a thought.

[redbusdriver]

the thread is valid cause it likely will happen. i am confident ac will survive as we are to big to fail. trudeau knows this he'll give us some help in a few weeks, you'll see.

[rooster]

Huh? My posts were deleted?

[Latitude]

the thread is valid cause it likely will happen. i am confident ac will survive as we are to big to fail. trudeau knows this he'll give us some help in a few weeks, you'll see.

Transat never went bankrupt or CCAA in 34 years... it’s name isn’t Air Canada

[Splash]

Worse case scenario is AT files for CCAA protection and restructures their debt. It would come out leaner, meaner and likely a viable operation.

[RippleRock]

The Moderators should --delete this thread-- as it is only intended to cause anxiety, and generally "shit disturb".

There is no reason it should be allowed to continue. The poster should be banned.

you mean just as every transat pilot on this forum tried to do on the other threads? ok snowflake.

Maybe you'll have the chance to grace my flightdeck with your presence someday. We'll find out who the Snowlake is. Jackass.

[rudder]

Just so people understand the actual financial situation at TRZ, here it is:

- ended January 2021 with $303M in unrestricted cash, $305M in restricted cash (in trust or reserved), $574M in customer deposit liability (including travel credits worth $519M for flights cancelled due to COVID-19), $50M in debt, and $853M in lease liabilities ($774M related to fleet)

- TRZ has a $250M short term credit facility that can be drawn on until May 31, but expires on June 30. Must be either repaid, replaced, or extended

- TRZ has stated that it needs to secure $500M in long term financing

- the PKP offer of $5 per share did not include recapitalization of TRZ

You can now get out the crystal ball or ouija board to identify what combination of LEEF or industry specific aid might present itself.

Better outcome is new ownership, or a commercial partnership, and recapitalization. Might be this side of CCAA . Might be the other side. Time will tell. The ones least deserving of rescue are the the TRZ shareholders.

[haironfire]

I sit here and watch, like a troll, but I will put another input, just because I enjoy it but also because I think it is useful.

We are pilots. But not stupid business people. We are smart enough to figure out when we are getting smoked.

In my past I got screwed at C3. I learned. But at Skyservice I was fortunate enough to see it coming, although it was painful to give up a B757/B767 Training Captain position to go to Porter, but I did it. I gave a resignation date of 5 Apr 2010. Skyservice went out of business 31 Mar 2010

Then, when at Bombardier no CSeries sales for 1.5 years, and you could smell bankruptcy within, (before Air Canada or Delta announcements), I decided to move on and went to Sky Regional. Enough about my misfortunes, but I just wanted to set the stage.

So this is a good thread. AT could go bankrupt if they don't protect themselves. And the pilots should try and do their best to defend, or at least be prepared. AT has some big loan difficulties coming up in the next few months.

There is a lot of action now when exposed as they are. This is not a stupid thread, but very real. I think they will survive because they have a lot of very good assets and potential. Better days ahead.